NMLS Exam Questions with Complete Solutions Latest Update

NMLS Exam Questions with Complete Solutions Latest Update c) Loan servicing - Answer-Section 6 of RESPA pertains to: a) Annual escrow settlement b) kickbacks c) loan servicing c) 3 business days of loan application - Answer-The mortgage servicing disclosure statement or ISDS must be provided within: a) prior to settlement b) at settlement c) 3 business days of loan application 1) appraisal report changes 2) expiration of original LE 3) customer request changes - Answer-A change of circumstances includes: b) within 3 business days of the loan originator becoming aware of the information - Answer-If a change in circumstance occurs an LE must be provided to the borrower by when? a) within 10 business days b) within 3 business days of the loan originator becoming aware of the information c) within 1 business day of the loan originator becoming aware of the information f) b and d - Answer-Services the borrower can shop for include: a) appraisal b) owner title insurance c) credit report d) HOI e) all of the above f) b and d 1. type of mortgages 2. property information 3. borrowers information 4. employment information 5. monthly income/employment information 6. assets and liabilities 7. details of transactions 8. declarations 9. acknowledgement and agreement 10. government monitoring - Answer-What are the 10 sections (in order) of the URLA a) regulation z - Answer-TILA is also known as a) regulation z b) regulation x c) regulation b 1. cost is expressed uniformly 2. advertisements are true and accurate 3. right to rescind - Answer-The primary goals of TILA are to c) the appraisal and credit report - Answer-Prior to providing a borrower with disclosures, loan originators cannot charge any other fees that the reasonable cost for